But, only 55% of those workers participated in such a plan.Īnd, for those who do participate in a plan such as a 410(k), not understanding the details of things such as administrative and investing fees can eat away at savings over time.Īnother 65% said they don't know how much they pay in such extra costs in their retirement plans. About 71% of civilian workers - which includes those who work in private industry and state and local government - had access to retirement benefits in March 2020, according to data from the Bureau of Labor Statistics. Here's where they put itĪn employer-sponsored 401(k) plan is one of the most common ways that Americans save for retirement - roughly 87 million workers have such plans, according to the report. More from Invest in You: Democrats' $3.5 trillion budget plan includes major help for families with kids HBCUs clear student balances, cancel debt with federal funds Half of young investors invested stimulus money. "The GAO's findings are a wake-up call for the Department of Labor and for consumers who have 401(k) plans," said Chairman Scott in a statement. "This report is clear evidence that the Department of Labor should require plan providers to make fee disclosures easier to understand and ensure that participants are fully informed about how these fees impact their savings." Bobby Scott, D-Va., chair of the House committee on Education and Labor. Patty Murray, D-Wash., chair of the Senate Health, Education, Labor and Pensions Committee and Rep. The report was initiated at the request of Sen.
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